Answer:
C) credit to Note Payable of $1,000,000
Explanation:
The complete journal records for November 1, 2018 are:
- Dr Cash account 100,000
- Cr Notes Payable account 100,000
The company received $100,000 in cash. Since cash is an asset and it increased when the bonds were issued, it should be debited.
The company has to pay a note worth $100,000. Since notes payable is a liability and it increased when the bonds were issued, it should be credited.
Answer:
The company's accounts receivable turnover was closest to 10.83 times
Explanation:
The accounts receivable turnover is an efficiency ratio that measures how many times a company can collect its receivables or money owed by clients during the year.
Accounts receivable turnover is calculated by following formula:
Accounts Receivable Turnover = Net Credit Sales
/Average Accounts Receivable
In there:
Average Accounts Receivable = (The beginning accounts receivable of the period balance + The ending accounts receivable of the period balance)/2
In Fraser Company:
Average Accounts Receivable = ($10,000 + $14,000)/2 = $12,000
Accounts Receivable Turnover = $130,000/$12,000 = 10.83 times
This was not really a question
